Lloyds: closing GAPS

Lloyds Banking Group has finally come out and said it. The UK lender is investigating how to wriggle out of an agreement to have its losses underwritten by British taxpayers in exchange for ceding control to the state. As far as Lloyds is concerned, «all possibilities remain open” for creating an alternative safety net to replace government protection on £260bn of troubled assets. But it has yet to win over the markets, the UK Treasury, the Financial Services Authority or the fund manager of th...